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  1. UltradoomY

    Applying options strategy 'the wheel' to TSLA

    Unless it comes out over the weekend - October 4th Monday would be my guess.
  2. UltradoomY

    Applying options strategy 'the wheel' to TSLA

    It is easy - once you open the new brokerage just let them know and they do a "transfer in kind" which doesn't impact anything.
  3. UltradoomY

    Applying options strategy 'the wheel' to TSLA

    Me personally - not advice of course - is I would roll them from December $600's to March 22 $650's and add to it. The $600's are right now - $185 each x 32 = $592k March 22 $650's are - $165 = 35 contracts and some change. So you get more time, a slightly higher strike and a couple more...
  4. UltradoomY

    Applying options strategy 'the wheel' to TSLA

    The $500's - $765 sold CC plus $8.25 =$773.25 The $500's are $345 each (midpoint) 773.25 / 345 = 2.24 leaps per CC executed. And it only goes up if the shares don't get called away.
  5. UltradoomY

    Applying options strategy 'the wheel' to TSLA

    I think the time has come for me to switch over to 50% leaps instead of just holding a couple (2024's) and be all in on the leverage side of leap covered calls. So as a reasonable person - I am not simply going to sell my shares to fund leaps. Every 100 shares sold can get 2.2 of the January...
  6. UltradoomY

    Applying options strategy 'the wheel' to TSLA

    So what you are doing is burning all the theta off for who ever sold that option to you - even if we are over $800 on that week most of the premium wil have burned off. If you want to buy an option - do so farther out from the event you are targeting and be close to ATM. Then your contract will...
  7. UltradoomY

    Applying options strategy 'the wheel' to TSLA

    I did this one yesterday - a little wider than yours for $3.90 per contract - it didn't fill till about 2 hours after I entered it. Now waiting on a fill for my new Iron Condor for week of October 8th exp. -$685 /+$655 -$830 /+$860 $3.90 credit per contract and keeps me way out in anticipation...
  8. UltradoomY

    Applying options strategy 'the wheel' to TSLA

    Speaking of Leaps - I noticed that the rest of the 2024's are open now - all the way down to $100 strikes.
  9. UltradoomY

    Applying options strategy 'the wheel' to TSLA

    If you let the $760's go - why not sell a put at $760 for the following week? Or higher depending on the premium. That way if the stock does keep going up - you can sell more and more aggressive puts and once assigned your cost basis will be lower.
  10. UltradoomY

    Applying options strategy 'the wheel' to TSLA

    Closed out my BPS side of my Iron Condor today (closed the BCS side on Monday for 95% $820/$840) BPS side was $695/$675 All opened 2 weeks ago. Now waiting on a fill for my new Iron Condor for week of October 8th exp. -$685 /+$655 -$830 /+$860 $3.90 credit per contract and keeps me way out in...
  11. UltradoomY

    Applying options strategy 'the wheel' to TSLA

    I totally agree - last week on Monday we went down to $709...... and then bounced back hard This week is probably much the same, I am holding strong with 09/24 -$695/+$675 BPS and have no plans of adjusting until later in the week if needed.
  12. UltradoomY

    Applying options strategy 'the wheel' to TSLA

    If you want to roll for a credit - do it before the mid point of the spread - so in your example that would be $698 After that you will be paying to roll. Or you can separate it into a sold put and a bought put and just roll the sold leg to next week and keep the profitable bought put. or a...
  13. UltradoomY

    Applying options strategy 'the wheel' to TSLA

    I favor the 2 weeks out method - and close on Monday or Tuesday of expiration week. Way more premium but you have to let it burn the theta.
  14. UltradoomY

    Wiki Tesla, TSLA & the Investment World: the Perpetual Investors' Roundtable

    Well, I am normally quarantined to the Wheel thread but figured I would pop in here. Just spent the morning at the Tesla delivery center in Tampa, FL with a friend who was picking up his new LR Y (ordered in first week of May) Absolutely perfect car, I like some of the improvements they have...
  15. UltradoomY

    What should TSLA be worth?

    Always a fun way to look at why Tesla's valuation is so high is to look at other markets. Take the difference in Macy's and Dollar General - Macy's is huge and pulls in giant revenues Dollar General is puny in comparison and revenue is way behind as well. Why is that??? It's because Dollar...
  16. UltradoomY

    Applying options strategy 'the wheel' to TSLA

    Closed the put side of my 09/17 Condor this morning when we were at $750 for $0.20 each 98% profit - closed the call side yesterday at 95% profit. Now that I am naked for this week -looking to open my next trade for 10/01 expiration. -$690 / +$650 -$820 / + $860 $5.80 each - waiting on a fill...
  17. UltradoomY

    Applying options strategy 'the wheel' to TSLA

    I had a bid in for 5 of the $630's for $250 each that never filled - cancelled just a few minutes ago - going to wait for the rest of the strikes to open up - would rather have the $500's
  18. UltradoomY

    Applying options strategy 'the wheel' to TSLA

    I also closed out the call side of my IC's for both this week and next for 95% on that side. Still sitting with - 09/17 - -$650 / +$630 P 09/24 - -$695 / +$675 P Will be looking to sell the call sides again if we go back green at some point this week.
  19. UltradoomY

    Applying options strategy 'the wheel' to TSLA

    Usually it is centered around the order entry on level 2 of market depth. If someone wants to sell say 500,000 shares - the buyers will no doubt be broken up into many many smaller orders - thus bearish. on the other side if someone wants to buy 500,000 shares and enters a buy order for that it...
  20. UltradoomY

    Applying options strategy 'the wheel' to TSLA

    I mentioned a little bit upthread that IV spiked up to between 74 and 84 on the puts for next week - but the calls are still in the IV 28 area. Really weird and I don't know why but it just be like that.
  21. UltradoomY

    Applying options strategy 'the wheel' to TSLA

    For any of my Iron Condors - I like to be really wide from the strike - I opened these last week when we were $25 lower. The call side is $785/$805 For the week of 09/24 I have $820/$840 and paired with $695/$675 Let's me sleep better at night.
  22. UltradoomY

    Applying options strategy 'the wheel' to TSLA

    Just an FYI - the IV on the Put side of my IC for next week has ripped up to 76 and 82 respectively. The strikes are -$650 / +$630 Looking at selling an additional BPS to compliment the IC with this IV spike.
  23. UltradoomY

    Applying options strategy 'the wheel' to TSLA

    Agreed - just forgot about them. The founders of TOS left and started Tasty Trade which has great visuals.
  24. UltradoomY

    Applying options strategy 'the wheel' to TSLA

    I think for functionality regarding spreads - here is what I understand from talking to multiple parties - #1. IBKR (Interactive Brokers) is the best for complex strategies and visualizing margin and probability on one screen. #2. is a tie between Schwab Street Smart Edge and Fidelity (I...
  25. UltradoomY

    Applying options strategy 'the wheel' to TSLA

    Still have my IC sold last week for 09/17 expiration -$650 / +$630 P -$785 / +$805 C Holding tight but now looking for my next IC for the following week expiration. Eyeing the -$720 / +$695 P -$815 / +$840 For $5.22 each Gives plenty of room and time for it to burn. Just an fyi..
  26. UltradoomY

    Applying options strategy 'the wheel' to TSLA

    I am not, I will be closing out whichever side is 80% profit (if it happens next week) and reselling that side when conditions improve. Or just keeping the left over side and start a new position. Typically don't like to mess with a position too much, just close it out if profit is above 80% and...
  27. UltradoomY

    Applying options strategy 'the wheel' to TSLA

    Adding on to what @AquaY just said - you will be assigned if the contracts are even $1 ITM. Premium paid plus share cost is for you only. So you are "technically selling them at $715 but receiving $736 in total compensation.
  28. UltradoomY

    Wiki Tesla, TSLA & the Investment World: the Perpetual Investors' Roundtable

    I think that would be picking up the pennies behind the steamroller if you sold puts and believe we are heading up!
  29. UltradoomY

    Applying options strategy 'the wheel' to TSLA

    Side note and a little on topic.... I hate waiting for a fill.... placed my IC order just below mid point of the bid/ask and waiting for it to fill feels like eternity! Changed up my spread to wider wings and wider body 09/17 -$650 / +$630 -$785 / $805 Credit $2.10 per contract
  30. UltradoomY

    Applying options strategy 'the wheel' to TSLA

    Looking to set up an IC for the triple witching week of 09/17 -$660P / +$655P -$775C / +$780C $0.98 per contract.... Tempting since the margin is quite low since the spread is tight. Thoughts? I am looking for Tesla to stay range bound next week and the week of 09/17 and looking to capture a...
  31. UltradoomY

    Applying options strategy 'the wheel' to TSLA

    Max pain only updates once a day at 7am EST. The $660 has not changed since I posted my thoughts on the subject of the triple witching yesterday. Take a peek. https://teslamotorsclub.com/tmc/posts/5876629/
  32. UltradoomY

    Wiki Tesla, TSLA & the Investment World: the Perpetual Investors' Roundtable

    I'm not sure and I am ready for a healthy amount of disagrees....but Really? Does anyone here saying Tesla shouldn't, wouldn't or couldn't make their own fab have any history of what they have done???? Just 2 days ago (maybe 6) there was a prominent super computer executive on twitter...
  33. UltradoomY

    Moderators' Choice: Posts of Particular Merit

    I'm not sure and I am ready for a healthy amount of disagrees....but Really? Does anyone here saying Tesla shouldn't, wouldn't or couldn't make their own fab have any history of what they have done???? Just 2 days ago (maybe 6) there was a prominent super computer executive on twitter...
  34. UltradoomY

    Applying options strategy 'the wheel' to TSLA

    Just an observation and slight OT prediction. Next week is a holiday week, so weekend Theta burn is more pronounced. A TON of people take the whole week off including hedge fund managers and institutional buyers/sellers. I see a ripe opportunity for MM's (who never sleep) to manipulate the share...
  35. UltradoomY

    Options trading strategy/advice

    Week of September 17th when the triple witching expires. Those leaps will roll off and new 09/2023 leaps will be available.
  36. UltradoomY

    Applying options strategy 'the wheel' to TSLA

    Lot's of options but they all carry more risk..... Option 1 - You could split the CC from one to 2 contracts and roll out - Because (as of premarket this minute) the share price is $735 - you are $55 ITM You could Roll/split your current CC into 2 $705's for next week for a small credit This...
  37. UltradoomY

    Professional Trader Status

    I would imagine that would be a great question for your tax professional. We could speculate but you need a professional opinion on this one.
  38. UltradoomY

    Professional Trader Status

    Yes - straight tax savings is around there - however there are numerous other advantages to doing so - The corporation can do whatever you want it to as far acquisitions for the company allowed by law and tax code - company cars, paid medical, rental properties, air planes, offices, just...
  39. UltradoomY

    Applying options strategy 'the wheel' to TSLA

    Yeah, there are a couple of other threads too dedicated to Options.... however this is the defacto options thread now, despite what the thread title is. Not sure why its not stickied either at the top with the "round table" since this thread has more views and replies than any other thread...
  40. UltradoomY

    Professional Trader Status

    For what it's worth - you are both referencing "anderson advisors" @adiggs and @KTC Lurker
  41. UltradoomY

    Applying options strategy 'the wheel' to TSLA

    Nah, it keeps the riff raff out.... :p
  42. UltradoomY

    Applying options strategy 'the wheel' to TSLA

    Something to consider before opening leaps this week is that the new September 23's will be available the week of this September 17th expiration. I am loading up some dry powder for these opening up and will be getting a mix of ITM, ATM and OTM calls for the farthest date out possible. Also...
  43. UltradoomY

    Applying options strategy 'the wheel' to TSLA

    On the subject of Leaps - I would expect as the IV stays at a constant low in the near term which we have seen for 3 months now, IV going from 50 to 40 and now around 30, wouldn't that start to trickle out to the longer expiration contracts as well. Sure it takes longer for it to go down, but I...
  44. UltradoomY

    Applying options strategy 'the wheel' to TSLA

    So - I am having a hard time putting this on a simulation - For it to be 0.5 delta that would be a $735 10/15 or a $745 11/19 put which is certainly not 30 % OTM. Is there more to it? Do you go with 30% OTM or the 0.5 delta. The IV is running 44 for the November side and 39 for October
  45. UltradoomY

    Applying options strategy 'the wheel' to TSLA

    So what you are saying is that $595 puts are safe and to mortgage my house and sell more? Definitely advice!
  46. UltradoomY

    Applying options strategy 'the wheel' to TSLA

    I wanted to chime in on something I have been doing with my spreads - @Lycanthrope eluded to this as well. For the bought side of the spread - put or call - if I am closing out the position because it has hit my profitability threshold of 85% or more - I close the sold side only. I then either...
  47. UltradoomY

    Professional Trader Status

    I’m hole for the weekend but I would think that any accountant or attorney would have access to the full case notes. In addition I did text my account and they only work in Florida but mentioned that anyone you are working with would have that access and be able to make a recommendation on the...
  48. UltradoomY

    Applying options strategy 'the wheel' to TSLA

    It is $1k for every $10 per contract $500 for every $5 wide per contract $2k for every $20 wide per contract Etc. So a spread of (example) -$660/+$650 & -$720/+$730 would cost you $1k in margin for each contract - minus the premium received. But it does not double to $20k because only one side...
  49. UltradoomY

    Applying options strategy 'the wheel' to TSLA

    Yes, but depending on your broker - it will show a whole new margin requirement when looking at it but not reserve the extra margin once the order is filled.
  50. UltradoomY

    Professional Trader Status

    I think it has more to do with them being individual contracts. Not sure really - just mentioning what it says, please dig into the case notes and let me know if you disagree. (not being cheeky, seriously)

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